Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Personal Loan BYTES FROM OUR KITCHEN

    MoneyTap Personal Loans

    MoneyTap is an instant loan service provider in India. The company is renowned for providing its customers with a personal line of credit that can be used for emergency needs. One of the notable features of MoneyTap is that it saves customers from the complicated documentation process required for getting personal loans. Moreover, borrowers don’t have to provide any collateral while applying for a loan. You may download the mobile application and keep track of all your borrowings.

    Interest Rates and Fees of MoneyTap

    The interest rates and fees applicable to the instant loans offered by MoneyTap are given as follows:

    Loan Details
    Interest rate 15% to 18% p.a.
    Processing fee 2% + Service Tax
    Maximum tenure 3 years
    Annual line-up setup fee Rs.499 + Service Tax
    Late payment fee 15% of the due amount

    How Does it Work?

    Life is full of uncertainties. You may never know when you will need cash during an emergency. Salaried professionals are often affected during these situations as most of the middle-class professionals in India don’t have any income other than their monthly salary. Instant loans are developed to provide short-term credit to working professionals to take care of their emergency situations. You may use the instant loan credit offered by MoneyTap for any of the following needs:

    • Marriage: Even if you have planned everything well, your expenses may go a little overboard during marriage. The short-term credit offered by instant loans may come in handy during these situations.
    • Medical emergencies: Medical emergencies often strike at the most unexpected of times. This is the time where you might be in a position of needing extra cash. Instant loans can help you get access to funds immediately without any delay.
    • Home renovation: Sometimes during your home renovation, the expenses may go beyond your estimated budget. Instant loans can be used to take care of these expenses and balance your budget.
    • Vehicle repairs: Experiencing a vehicle breakdown in the middle of the month can put a serious dent on your budget plans. You can use instant loans to manage your vehicle repair expenses.
    • Travel: Sometimes, you might need some additional cash for a planned travel. Not having enough money during your travel may take the joy out of your vacation. You can use your credit from your MoneyTap account to manage your expenses.

    The money you get from your MoneyTap loan is not just limited to the expenses listed here. You may use it to take care of any kind of expense during an emergency.

    How to Apply for a Loan via MoneyTap?

    Applying for a loan on MoneyTap is not only simple, but also quick. Given below are the steps to follow to apply for a loan via the MoneyTap app:

    Step 1 – Download the app

    The first thing to do is to go to the Google PlayStore and install the MoneyTap app, free of charge. Once you have the app installed, you will be required to provide some details about yourself. Using these details, the app will process your eligibility and let you know, whether or not, you qualify for a loan from MoneyTap. If you are eligible, the app will also tell you the credit limit you may avail.

    Step 2 – Complete your KYC

    If you have qualified for a loan, the next step of the process will involve completing the loan-related KYC formalities. To do this, a MoneyTap agent will visit you, on behalf of the partner bank, to take the necessary documents for processing.

    Step 3 – Receive the funds

    Once your KYC formalities are completed and your loan approved, you will get your MoneyTap Card with the sanctioned amount of funds. This card not only acts as a credit card but can also be used to withdraw funds from your MoneyTap account. There is no restriction on the end use of the funds that you avail. Interest shall only be levied on the funds that you use, not the entire loan amount. Repayment can be done in flexible EMIs.

    Eligibility Criteria for Availing a MoneyTap Loan

    To apply for a loan via MoneyTap, customers must adhere to the following eligibility criteria:

    • This loan can be availed by not only salaried employees but also self-employed individuals such as business owners, lawyers, doctors, shop owners, etc.
    • The individual must have a minimum monthly income/salary of Rs.20,000.
    • The borrower must not be less than 23 years of age.
    • This loan facility is currently only offered in select cities such as Mumbai (Thane, Mumbai, and Navi Mumbai), Delhi NCR (Gurgaon, Faridabad, Ghaziabad, New Delhi, Noida, Delhi, Greater Noida), Chennai, Hyderabad, Pune, Secunderabad, Vizag, Ahmedabad, Gandhinagar, Chandigarh, Panchkula, Mohali, Vadodara, Indore, Jaipur, and Vijayawada.

    Documents Required

    The instant loans offered by MoneyTap require very minimal documentation. Keeping in line with the bank’s requirements, customers will be required to furnish the following documents while applying for a loan via MoneyTap:

    • The borrower’s company’s name and email address
    • Their Aadhaar Card (not compulsory) or Aadhaar Number
    • Borrower’s PAN details (compulsory)
    • The borrower’s salary account net banking login details

    Features & Benefits

    Some of the key features and benefits of MoneyTap Loans are listed as follows:

    • Quick approvals - The approval process for a MoneyTap Loan is superfast. The approval process is also one-time, which means that the next time you have to apply for a MoneyTap loan, the process will be even quicker than the first time.
    • Interest only on withdrawn funds – With MoneyTap, the interest is levied only on the funds that you withdraw, not on the total amount of funds sanctioned for you. The interest applicable will depend on a number of factors, and also on the bank that the company has partnered with.
    • Flexible repayment – MoneyTap offers borrowers a flexible loan repayment tenure, so as to facilitate stress-free repayment. One can choose a repayment tenure ranging from 2 months to 3 years, depending on the amount of loan taken. The loan EMIs will depend on the loan tenure you choose.
    • High loan amounts – You can apply for a loan for as little as Rs.3000, and as high as Rs.5 lakh. These loans can be used for a variety of purposes, depending on your need, and the lender does not exercise any restriction on the end use of the loan amount.

    FAQs

    1. What is the minimum amount I can borrow through MoneyTap?

    You can borrow as little as Rs.3,000 through the MoneyTap app. The company will set your credit limit based on various factors. You can use any amount you want and get access to instant cash.

    2. Can I get approved for loans even if I don’t need the funds right away?

    Yes. You can download the app and provide your details to get approved for loans. Once you are approved, you can use the funds anytime you wish. The company will charge interest only for the amount you use.

    3. Are there any restrictions imposed by the company on how I spend the money?

    No. The company does not impose any such restrictions. You can use the loan amount for any financial needs.

    4. What is the process for paying back the loan?

    Based on the loan amount, a bill is generated every month for your EMI amount. You may choose to pay this amount through cheque or through online modes. You can visit the company website to make the payment or you can pay through the app. It is also possible to set up auto debit facility for long-term loans.

    5. What are the factors used to determine my credit facility?

    The company considers various factors before approving an individual for credit facility. This is decided based on the details you provide. Some of the factors considered for this include monthly income, credit history, your profile, etc. The lender may decide to increase or decrease your credit facility based on these factors.

    6. What are the effects of missing EMI payments?

    If you don’t pay your EMI before the due date, the company will report this default to credit bureaus. This will negatively affect your credit score. The company will also impose 15% late fees on the outstanding amount. This may range from Rs.350 to Rs.1,000. If the overdues are not paid even after multiple remainders, recovery proceedings will be initiated by the company.

    7. Are there any temporary relief options offered for missing EMI payment during a particular month?

    No. The lender does not provide any relief for missing EMI payments. Make sure that you don’t miss the payments to avoid any penalties and additional charges.

    8. Is it possible to change the EMI payment date?

    At the moment, the company does not offer this facility. It is necessary to have the repayment amount ready before the due date. If you have signed up for the auto debit facility, you need to make sure that you have enough balance in your account before the due date.

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